Well it makes sense if you consider who buys shitcoins. Its mainly people who were born after the Enron/Worldcom debacles. The same reason financial collapses occur every 3 generations, the people who lived it or remembered are long dead. The 2007-2009 GFC was a replay of the 1929-1932 collapse. It could have been avoided if people heeded the lesson of Glass-Steagall but instead the Clinton administration with its neoliberals decided it was a relic of the past & no problems would occur. There was one lady (Brooksly Born) who worked under the CFTC who was against it and who wanted to regulate all these OTC derivatives like CDS but was overruled by her boss. Frontline Season 27 Episode 13 The Warning (October 2009) covers this in detail.
Bitcoin has never gone through a major recession/financial crisis/stock market crash. It's probably only a matter of time before one comes along, and it will be interesting to see how it holds up.
Very hard to figure out what will happen to the price of useless imaginary internet money tokens that people are buying because "number goes up"... Come on... This is not rocket science. But now we are the exact opposite of a recession. We are in peak bubble time so these garbage shitcoins are thriving.
Unless you count of those losing 70-80% of the value in a short time (aka crash) events that happened in 4-5 times. People are really clueless...
None of those Bitcoin bear markets occurred during a major economic recession/financial crisis/stock market crash. Bitcoin has only experienced relatively benign economic conditions. It's a long time since we've had a wider grey bar on this chart, and it can only be a matter of time before we get another one. https://www.macrotrends.net/2324/sp-500-historical-chart-data Covid was merely a blip.
Recessions and financial crises have been banned in the US, but you can continue to wish and wait for it